Four Steps In four 4 steps to prepare for a business plan How do we prepare for a business plan?The ‘what’ and ‘why’ of a business plan, let us move forward to solve the next riddle – how do you prepare it? Identify your company’s vision, mission, and values Start by answering and figuring out your business personality: • What do you desire to be? • How do you want to be perceived? • What values put your business in motion? This is your company’s or organization’s structure compass that acts as a foundation for the succeeding steps. A brief description of all founders, their experiences and their role in the team as well as your plans for company growth should also be included here. If it is relevant for your startup, you should also address the topic of intellectual property: Who owns the intellectual property of individual aspects of the company and are there patents and registered trademarks? Know your target audienceDig deep into: What is your target market? What is the size and potential of the target market? What are the needs of a prospective customer? How are the needs addressed presently? Expect the unexpectedSometimes during the preparation of business plan we let life override us, an other times we take business by the horns forgetting that their's one thing is for sure or how well we plan, we can always have to expect unexpected. Learn market trendsIdentifying market trends keeps businesses ahead of the game. Analysis of industry data leads to business growth and profitability in the long run. Weigh in the impact of unforeseen circumstances. The financial contingency turbulence to natural calamities and pandemics – a lot can go wrong in the future and leave a business shaking. Expect the unexpected and gird your loins for these testing times..